The Centrale
South Korea s Meritz Securities Co. is at high risk of incurring losses from its $350 million lending on a luxury condominium tower in Manhattan, New York, after its developer has been several months behind on interest payments on the loan, according to investment banking sources on Apr. 5.
In February 2020, Meritz provided a $350 million loan to the developer of The Centrale, collateralized on the unsold units of the 63-story residential tower in Midtown East of Manhattan. The tower consists of 124 condo residences and retail space on the lower level. At the time of the investment, most of the condo units were unsold.
South Korea-based fresh food logistics startup Team Fresh has concluded its 30 billion won ($26.7 million) Series C round, attracting high-profile investors such as KT Investment, Kakao Investment alongside existing investors, NH Capital – DTN Investment, STIC Ventures and Shinhan Capital.
So far, Team Fresh has netted 53 billion won in fundraising. The company is expected to have received an enterprise value of around 140 billion won in the latest funding, a sharp rise compared to the 85 billion won valuation from the Series B round, according to venture capital industry sources.
The company plans to use the proceeds for its operations and to expand its logistics centers.